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If you include your house in a bankruptcy how long after filing will you have to move out?
Wiki User
∙ 8y ago
- I am also in the same situation you are in. According to my attorney, I don't have to move out until the mortgage company successfully forecloses on the property. I was already in foreclosure before I filed the bankruptcy but by doing so I bought more time with the "stay" and now the mortgage company has to legally foreclose before I have to move if I choose to stay that long.
- I am a bankruptcy attorney in Indiana. I suspect that the answer to your question varies widely from state to state since each state has their own way of dealing with foreclosure. The Bankruptcy Code says you're supposed to tender surrendered property to the creditor within 45 days of the bankruptcy filing date, but in Indiana it is common practice for banks to let the person surrendering the home stay there until the sheriff sale, which is the final step of the foreclosure process. I believe the reason for this is because a bank would rather you stay in the home and keep it safe until the sale rather than you moving out, then the bank has to foot the bill to have someone winterize and secure the home and drive by from time to time to be sure no one broke in, vandalized it, etc.
Wiki User
∙ 13y ago
Wiki User
∙ 8y agoI think after you file, all of your debts should be "frozen" with a filed stay. Then, at the creditor's meeting with the trustee, they would discuss the terms of the discharge and you would be notified of how long you had to vacate. If you have a lawyer, ask them, but if not, you may be able to call the mortgage company if you really want to know. Otherwise, after the debts are discharged, you would probably receive a letter from the mortgage company that your house was included in the bankruptcy and this is not an intent to collect on the debt, but they would like to collect their property and you have X days to vacate the premises.
Wiki User
∙ 13y agoIt depends on the foreclosure process of your state. If you are not current on your mortgage, the mortgagor may file a motion for relief from stay during the pendency of your case. Once they get relief from stay, they typically will start foreclosure proceedings on the home. In California, typically there is a notice of default and then a notice of foreclosure sale before the sale.
Wiki User
∙ 16y agoYou are not prevented from moving as a result of filing bankruptcy. Filing bankruptcy is not a crime.
Wiki User
∙ 15y agoUntil its sold and you are evicted.
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How long after filing bankruptcy are you able to receive credit cards purchase a house or a car?
2 years
How long do you have to wait to file bankruptcy after last bankruptcy?
You have to wait eight years after filing for Chapter 7 and 4 after filing for Chapter 13.
Can my house be repossessed if my husband is madebankrupt but is not on the deeds?
Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.
How long does it take for a house to be settled when filing bankruptcy for it to become available for sale?
Your question is somewhat complex, and there may be variations in the process due to laws of the state of jurisdiction for the bankruptcy filing. An excellent primer about either chapter 7 or 13 bankruptcy is "The New Bankruptcy, will it work for You?" 3rd edition by Stephen Elias, published in 2009 by Nolo; 346.078 E42N Dewey decimal. Also you might contact a paralegal or lawyer specializing in filing bankruptcy in the state of jurisdiction.
How long do you have to wait to marry after filing a chapter 7 bankruptcy?
A bankruptcy has nothing to do with your ability to marry. You can marry at any time.
How long do i have to wait to marry after filing chapter 7 bankruptcy?
You don't. It's not an issue.
Filing a Chapter 7 with 2 payments owing on your car how long do you have in getting it current before the creditor can take it if you plan on curing the default 30 days after filing?
When you file a Chapter 7 bankruptcy, you have the option to keep your home and 1 vehicle. If you are able to make the last 2 payments on the car, you can keep it and not include it in the bankruptcy.
How long does it take to see an improvement in credit score after filing bankruptcy?
About 4 to 5 years
Can you get a second mortgage after filing bankruptcy?
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
How long does a Chapter 7 bankruptcy stay on your credit report in Michigan?
In almost every state, bankruptcy will stay on your record for 7-10 years. This is something to consider when filing because this can have a major effect on your ability to get a house, car, etc in the future.
How long will a bankruptcy stay on credit report in Illinois?
Bankruptcy can stay on your credit report for 10 years. For more information about debt and bankruptcy, it is best to consult with an attorney. They can provide a complete picture of the benefits and negatives of filing for bankruptcy.
How long does it take for your credit to get better after you are discharged from Chapter 13 bankruptcy?
Your credit score starts going up the minute the bankruptcy is filed. Debts incurred after the filing (even the day after), are exempt from the bankruptcy. If you make house and/or car payments on time, your score goes up Legally, they can hold it for up to 10 years.
